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CNN
Dec 1, 2012 3:00pm PST
away from the so called fiscal cliff. a drastic combination of mandatory spending cuts and tax hikes that could plunge the united states back into a recession. while there are plenty of hard w0rds from both sides, some terms of a possible zeal are making the rounds. kate bolduan has been following the back and fourth. >> don't get too excited about that, there's only one way to avoid the fiscal cliff. spending cuts and tax hikes. house republicans and president obama need to strike a deal on reducing the national debt. they have soundly rejected a white house offer that included $1.6 trillion in revenue, $400 billion in medicare and other entitlement savings, as well as a permanent increase in the debt limit among other things. so far, the rhetoric has not softened. treasury secretary tim geithner arriving on capitol hill for high level talks, most notably with house speaker john boehner. >> good morning, everyone. >> how did it go? just listen. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious. about real spending cuts. >> a
CNN
Dec 3, 2012 4:00am PST
because of the impasse and also the fact that the consequences of the fiscal cliff, these spending cuts and these tax -- pardon me the spending cuts and the tax increases that kick in here at the end of the year, the consequences are very dire and following the election the white house and democrats think that they can really push republicans into a corner here. >> brianna keilar for us. thank you. just ahead we're going to be talking with connecticut senator richard blumenthal will join us to talk a little bit about the democrats' responsibility about this impending fiscal cliff. another story we're following, friends and family of kansas city chiefs jovan belcher looking for answers this morning after he killed his girlfriend and then took his own life. his team took to the field just a day after the tragedy. it was i guess kind of a somber victory. they beat the carolina panthers 27-21. just their second game of the season. saturday morning belcher shot his 22-year-old girlfriend kasandra perkins and then turned the gun on himself outside the practice facility. he and perkins leave b
CNN
Dec 2, 2012 1:00pm PST
and congressional leaders gathered to talk about how to avoid the fiscal cliff, the automatic spending cuts and tax increases that go into effect january 1. >> i think we're farther apart but we're coming together. >> i think we're nowhere, period. >> thursday treasury secretary tim geithner presented obama's plan, including $1.4 trillion in tax increases. >> there's not going to be an agreement without rates going up. >> president obama also proposed a $16 billion of spending cuts. >> i'm just flabbergasted. i looked at him and said you can't be serious. >> the house speaker says republicans put increased revenues including efforts to close tax loopholes and put the tax cuts on the table instead of raising tax rates for anyone. >> if there's another way to get income from upper income americans that doesn't hurt our economy, then why wouldn't we consider it. >> those are publicly unchanged deadlines. whether political theater or political reality, there's more to going over the fiscal cliff far beyond hypothetical. >> i think we're going over the clif. >> if they are going to force higher rates on
CNN
Nov 29, 2012 8:00am PST
, protect american jobs, and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reforms, it's going to be impossible to address our country's debt crisis. and get our economy going again and to create jobs. so right now, all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. it's time for the president, congressional democrats, to tell the american people what spending cuts they're really willing to make. with that i'll take a few questions. >> speaker boehner, why will you not tell democrats what specific spending cuts you would like to see, especially within en titlements? >> it's been very clear over the last year-and-a-half, i've talked to the president about many of them. you can can look at our budget. where we outline very specific proposals that we passed in last year's budget and the budget from the year before. we know what the menu is. what we don't know is what the white house is willing to do to get serious about solving our debt crisis. >> so your 2011 position still stands then? are you still o
CNN
Nov 30, 2012 2:00am PST
in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
CNN
Dec 3, 2012 2:00am PST
over that so-called fiscal cliff. tax hikes and spending cuts kick in if no agreement is reached between the house and republicans on how to close the budget gap. it has been more than two weeks since president obama invited the major players to the white house to discuss the situation. as of this morning, no new talks are scheduled. brianna keilar joins us. so many republicans say they are pessimistic about a deal happening in time to avert this fiscal cliff. some say it's for political reasons. what can you tell us? >> it may all be for political reasons. that's no surprise in washington. as you can seen through dealmaking not just on this but things in the past couple of years between the white house and congress, there is almost this rhythm that has evolved. both sides are pointing to the other for an impasse. republicans like senator lindeyy graham just slamming the white house and tim geithner for a plan he laid out on behalf of the administration, laying out about $1.6 trillion in new revenues coupled with only about $400 billion in medicare cuts. listen to what graham sai
CNN
Dec 2, 2012 4:00pm PST
and congressional leaders met to talk about how to avoid the fiscal cliff. the automatic spending cuts and tack increases that begin to kick in if there's no agreement by january 1st. 16 days to get here. >> i think we're far apart still, but i think we're moving closer together. >> i would say we're nowhere, period. we're nowhere. >> reporter: thursday treasury secretary timothy geithner proposed president obama's plan which included $1.6 trillion in tax revenue coming largely from an expiration of bush era tax cuts for families who make more than $250,000 a year. geithner says that's a must. >> there's not going to be an agreement without rates going up. >> reporter: the administration's plan also included $50 billion in new stimulus spending. boehner says the entire proposal represented three weeks of wasted time. >> i was just flabbergasted. i looked at him and said you can't be serious. >> reporter: the house speaker says republicans have put increased revenues, including efforts to close tax loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fa
CNN
Dec 3, 2012 1:00pm PST
doors and figure how they get past january and how they avoid this fiscal cliff, not only the spending cuts and tax increases but spending cuts particularly in defense. they don't want that. >> explain why what they agree on -- namely that the middle class, 98% of all taxpayers, that their taxes will stay the same, they will not go up. if everyone agrees at least on that, the president says, go ahead and pass that. why not just eliminate the 98% who won't have any changes, those making under $250,000? why not allow that to go forward? why are the republicans resisting on that. >> it could wind up there, wolf. but if the republicans lose that, they believe they kind of lose the leverage that they have. if they sort of give on that, then where's their leverage with the white house? so i think that in the end, wolf, if i had to bet -- and i don't like to bet on these things because they always disappoint -- but i would have to say that the one thing they are all likely to do at some point is to make sure the taxes do not go up on the middle class. but in order to do that, republicans want
CNN
Dec 5, 2012 4:00am PST
putting his foot down. he says no tax hikes for the wealthy, no deal. america hits that fiscal cliff in 27 days and that means tax hikes and deep spending cuts if the democrats and the republicans can't come together in some kind of a deal and with just ten days remaining until congress is scheduled to go home for the holidays, the clock ticking. here's what he told bloomberg news. listen. >> we're going to have to see the rates on the top 2% go up and we're not going to be able it to get a deal without it. >> we start this morning with white house correspondent dan lothian, he's in washington, d.c. okay. so who's got the ball in their court at this point then, dan? >> well, you know, i think the house gop, they have presented their counteroffer which white house spokesman jay carney is referring to as, quote, magic beans and fairy dust. we expect that house republicans will keep putting pressure on the white house to engage, push for more details on what the white house will accept when it comes to additional entitlement cuts. but i think what's unclear is what kind of negotiating is goin
CNN
Nov 29, 2012 1:00pm PST
the so-called fiscal cliff. that steep across the board spending cut and tax increase scheduled to hit in just 33 days. in a scathing assessment today, the speaker of the house john boehner says there's been no substantive progress on a deal. need to realize there can be no deal without tax rates going up for top earners. let's go live to our chief white house correspondent jessica yellin. she's got more on the latest developments. tough talk from both sides, jessica. >> reporter: tough talk and some bright lines, wolf. on the same day that treasury secretary tim geithner went to capitol hill to meet with both democrats and republicans to talk about these negotiations, there is tense body language and tough words on both sides of pennsylvania avenue. they're starting to sound dug-in on capitol hill. >> all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. >> reporter: at the white house. >> this is available not just here but to everyone in the world who has an internet connection. and i know things are done the old fashioned way sometimes on cap
CNN
Dec 5, 2012 1:00pm PST
increases and spending cuts that people here in washington call the fiscal cliff. most house members are going home today with only 27 days to make a deal. two house leaders who are not going home are with me in the situation room. they're working very hard to avoid the fiscal cliff. thanks so much for coming in. for so long, republicans wanted to extend the bush tax cuts forever, now for 98% of the american people, the democrats are saying, we're ready. we've given up, we'll let you have those bush tax cuts for as long as possible. let's just resolve that, we'll move on to some of the tougher issues later. let's make sure that 98% of the american families have these lower tax rates into next year. why not give that? >> the debate over those top two pshsz, is really a strong man debate. what we need is tax reform in america. we need a simpler less complicated tax code. >> i agree with you. we need a tax reform. why not resolve this one issue, make sure taxes don't increase for 98% of the americans, 100% of americans for their first $250,000 a year. let them have that, and then move o
CNN
Nov 30, 2012 1:00am PST
time, we're getting a look at what the white house is offering to stop the fiscal cliff stalemate. drastic mandatory tax hikes and spending cuts will kick in with the new year unless the white house and the republicans can reach a deal. for weeks, gop lawmakers have said we're just waiting for the white house to give details, specifics, some numbers. well, tonight that's happened. the white house is calling their bluff and they've laid out how they want to cut the debt. jessica yellin is over at the white house for us tonight with new developments. jessica, what are the specifics of this offer tonight? >> reporter: hi, wolf. according to senior officials on both sides of the aisle, the president is asking for $1.6 trillion in new taxes. that includes raising taxes for families who make $250,000 or more. you'll recognize that as a pledge from his campaign. and it also includes limiting deductions and loopholes as well as other changes to capital gains and dividends taxes. well, that is the headline for republicans, wolf, who say it is far more money in tax rates than they ever expe
CNN
Dec 4, 2012 2:00am PST
. >>> call it the fiscal cliff follies, because with 28 days remaining before massive tax hikes and spending cuts kick in, democrats and republicans are ridiculing each other's ideas. it's a recipe for recession. the gop offering up its first plan which calls for $2.2 trillion in deficit savings over the next decade, including $800 billion in tax reforms, 600 million in medicare reforms and spending cuts. but the president rejected it outright because it does not contain tax hikes for the rich. time is running out. any sign of serious negotiation on the horizon? >> i'd say on the horizon, that would be fair. the log jam that you're watching, we're expecting to continued likely until next week. so don't be surprised if you see that. i think the policy prescriptions here, what needs to be done to find a package for deficit reduction are clear. right now you're watching the politics play out. all you need do is open your ears, listen to the white house, listen to congressional republicans you'll hear them playing the blame game. >> making vague promises about achieving revenue through capping d
CNN
Dec 1, 2012 2:00pm PST
a deal to avoid the so-called fiscal cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. but, it is unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us in jeopardy, for small business and other parts of the e
CNN
Nov 29, 2012 4:00pm PST
, we're in this situation because congress came up with what they're calling the fiscal cliff now and they're calling it the fiscal cliff because they don't want to e embrace either the tax increases or spending cuts and i think it's foolish to think this congress can come up with a better deal. >> you know what's interesting, to eric's point, there is a great irony in this that the democrats are saying we've got to raise taxes and the fiscal cliff does both. just not in the way anybody wants it, so if they can't do that, how are they going to find a way they can all agree on? >> the superfailed committee. this is a giant hatchet as opposed to a scalpel. >> it was designed to fail. >> i agree, but the real solution and real irony is going to be the ultimate deal's going to look like the obama boehner grand bargain that was negotiated and almost done in the summer of 2011. the fact that we couldn't make that deal then i think's a tragedy for the country. one of the thing's it did was lead to that aaa downgrading. that was unnecessary. >> let me just follow up on this point of what
CNN
Dec 5, 2012 11:00am PST
of the fiscal cliff negotiations. the mortgage interest deduction. government spending on this will reach $100 million by 2014, making it the third largest tax break on the books. who does it help? 41 million people. the most recent irs data showed that 41 million people claimed this deduction on their 2010 tax returns. the tax policy center says it tends to benefit upper middle class families the most. these bars show income in the circles the average savings. for those with incomes of less than $40,000 a year, their savings is $91, look at the people who make $250,000 and more. their average savings is about $5500. this benefits people most on both coasts and cities like chicago, with higher property prices, and we watch the fiscal cliff negotiations closely for what could happen next to this tax goody next year. >> here's the question i'm hearing people ask, if we go off the cliff here, how big a hit will we take on taxs? stand by, because i'm about to give you the closest answer i possibly can. to help me with that is laurie montgomery, she is the fiscal policy reporter for the washington
CNN
Dec 1, 2012 4:00am PST
a deal on that fiscal cliff. just 31 days left until we hit those $7 trillion in automatic spending cuts and tax increases, if negotiations break down. both sides of the aisle are going straight to the public in order to plead their case or tell us why the other side is to blame. this is president obama a in his weekly radio address. >> both parties say we should keep middle class taxes low. the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. but, it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes that hostage metaphor one step further and brings to mind a memorable movie scene. >> unfortunately, some on the other side of the aisle are advocating a disastrous thelma and louise strategy that would take us over t
CNN
Dec 3, 2012 8:00pm PST
if this is not good enough for the white house, we will go over the fiscal cliff. >> this is a compromise on taxes. this is a compromise on mandatory spending. and it's a compromise on discretionary spending over what the select committee had debated. >> i should mention that erskine bowles has put out a statement himself. while i'm flattered the speaker would call something the bowles plan. the outline in the letter the speaker sent to the president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not
CNN
Dec 4, 2012 5:00pm PST
're not having a conversation about spending. the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very difficult era. do you agree with eric's take? is the right strategy for republicans to stick to their guns, forget about compromise? >> no. i really don't -- eric is one of my favorite people. we talk a lot. but i think that, and i did work for the speaker gingrich during the shut-down fight in '96, and it did not work out well for republicans. the president has a much bigger bully pulpit than the speaker does. newt gingrich's bully pulpit was pretty big back in those days but at some point, republicans in the house -- and i think boehner is trying to look for ways to do this, speaker boehner, tha
CNN
Dec 5, 2012 1:00am PST
to the fiscal cliff and not one iota closer to a deal to avoid it. now, on january 1st, four weeks from today, automatic tax hikes and spending cuts kick in with potentially serious consequences for virtually every taxpayer in this country. there has been zero progress on a deal, zero. keeping them honest though, the american people clearly want a compromise, polls show they want results. but the two sides are still far apart on the issue at the heart of the debate, whether the wealthiest americans should pay more taxes than they do right now. the people you elected to get things done, they're not getting them done, not even close. in a cnn/orc poll taken a few weeks ago, 67% said washington officials would behave like spoiled children in fiscal cliff discussions. only 28% said they would behave like responsible adults. with that in mind, here's what the key players, the grownups, have said in just the past 24 hours. listen. >> the math, it doesn't work. >> his proposal was so outlandish, i don't think we should go back to the table until he puts something there that we can work with. >> we'r
CNN
Nov 29, 2012 11:00am PST
. this is not the whole fiscal cliff but just the sequester. $1.2 trillion of mandatory spending cuts over ten years and scheduled for january 2nd. half of that money cut in defense. half in everything else. next year alone could take $65 billion out of spending and a million jobs versus growing 2 million which is what the u.s. is on track to do now. i fully understand the government needs to spend less and spend more efficiently but how you achieve it is as important as how much you cut and the sledge hammer approach is not economically sound. now, there are targeted and measured ways to do it without driving the country in to another recession. some debate today as to whether we're in one or not but the sequester will only make things worse. congress, solve it. solve it nowme. we're all watching. housing is hot. if you have credit and money for a down payment, the perfect time to buy. nationally, affordability is the best it's been in a long time. new york city is the least affordable place in america to purchase a home. no big surprise here. home prices in new york are nearly two and a half times
CNN
Dec 4, 2012 4:00am PST
to zoraida sambolin for an update on the day's top stories. >> soledad, the fiscal cliff debacle, with 28 days remaining before drastic tax hikes and spending cuts take effect, a republican spending plan has been rejected by the white house. brianna keilar is live from washington. what now, brianna? >> well, right now it's about the pressure building and the clock kicking, zoraida. as house republicans in the white house try to ultimately broker a deal between two very different plans. house speaker john boehner's counteroffer, if you take a look at the headlines from this $800 billion in what would be savings from tax reform. so that is new tax revenue. but not done by increasing income tax rate on the wealthiest. but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner pl
CNN
Dec 4, 2012 11:00am PST
federal spending cuts unless congress and the president act so-called fiscal cliff. on the senate floor today, top senate democrat, here he was, harry reid, said the republican counteroffer unveiled yesterday is a serious proposal. reid called the offer a nonstarter. his word. but a serious proposal nonetheless. in an interview just today with bloomberg tv, president obama did not reject the gop offer outright. officials have called it a step backward, not worthy of a counteroffer. but, you know, bottom line here, you have two sides they appear to be pretty far apart with no new negotiations happening at least not to our knowledge. so, with me now from capitol hill is representative peter wel welch. democrat from vermont. good to see you. thanks for coming on. >> thank you. >> so let me just pose this one to you. you just heard harry reid, would you agree with harry reid the plan offered yesterday by that house speaker is, quote unquote, a serious plan? >> well, you know, i don't know the details of it. it is $800 billion supposedly in revenues and it is a lot of medicare cuts but not s
CNN
Dec 2, 2012 11:30am PST
days and counting to the country's potential fall off the fiscal cliff. avoiding it will depend on what lawmakers in these two buildings do or don't do. if they do nothing, everyone's taxes go up and automatic spending cuts take effect. still, it appears congress and the president are digging in with no deal in sight. >> if they are going to force hi higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then that's a choice they're going to have to make. >> this isn't an issue about democrats or republicans. my goodness, this is about our country. >> well, one thing both sides agree on is the government needs to raise more money. how much? how they do it? those are two of the many sticking points and the clock is ticking. >>> a series of suicide car bombings leave five people dead in eastern afghanistan today. inis yo no reports of any u.s. casualties. the taliban has claimed responsibility for the attacks. >>> and in wyoming a college teacher may have saved the lives of several of his students. authorities are praising the instruct
CNN
Nov 30, 2012 4:00am PST
officials trading insults, playing the blame game here as the clock is winding down on the fiscal cliff. keep in mind time is a-wasting. in 32 days now tax rates soar, spending gets slashed. oh, and don't forget, congress, yeah, they get to take a break for the holidays in 14 days. a recipe for recession. the president is pitching a plan that calls for $1.6 trillion in tax heights and $50 billion in new infrastructure spending. he'll head to a manufacturing plant in pennsylvania to push all this. republicans aren't buying in. listen to house speaker john boehner's reaction. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> didn't take very long for democrats to hit back at speaker boehner. senate majority leader harry reid got up, a little personal. >> i don't understand his brain, so you should ask him. >> i don't understand his brain. let's go to washington this morning. wow, just when we thought they were getting closer seems like they're even farther apart this morning. >> yeah, you know, the nic
CNN
Dec 5, 2012 2:00am PST
over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue. this was part of john boehner and plan. those tea party-backed co
CNN
Dec 2, 2012 2:00pm PST
fall off the fiscal cliff. avoiding it -- if they do nothing, everyone's taxes go up and automatic spending cuts will take effect. no imminent deal is in sight. >> if they are going to force higher rates on virtually all americans, because they're unwilling to let tax rates go up on 2% of americans, then that's a choice we're going to have to make. >> i would say we're nowhere. period. we're nowhere. we have put a serious offer on the table by putting revenues up there to try to get this question resolved. but the white house has responded with virtually nothing. they have actually asked for more revenue than they have been asking for the whole entire time. >> in other words not quite a good place to be, but both sides agree that the government needs to raise more money. how much and how they do it are two of the major sticking points. >>> and protests and a constitutional crisis, what is next for egypt. we'll dig deeper into the struggle for power between conservative islamists and liberal secularists. and later, brad pitt talks about his future with angelina jolie. >>> and a dog
CNN
Dec 6, 2012 9:00am PST
cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too much, 2013 could end up being as good as 2012 if not a little better. i don't know if you completely disagree with that, peter, but i think there's enough good going on that it could offset the bad. >> to you think it could go up to 10% unemployment. do you agree with peter on that? >> i don't know. i don't know if it will go go up to 10%. there are two scenarios. o
CNN
Nov 29, 2012 2:00am PST
is spending. no one wants to talk about spending. the fiscal cliff is a bipartisan compromise that would do draconian cuts in the budget they never wanted in the first place. it's foolish to think congress will have a plan to fix things when congress designed the plan they are trying to fix. >> some democrats say entitlements can be on the table but should deal with long-term reform afterwards. here's what senator dick durbin said yesterday on "starting point." >> entitlements need to be part of the long-term strategy but do it in a thoughtful way. i don't want to see major changes decided in the heat of the moment. let's get through the fiscal cliff, find a way to avert it. but at the end of the day treat it as the important program it is for so many millions of americans. >> eric, if we get a deal, how much kicking of the can down the road do you think that deal will inclu include? >> i think it will include significant kicking the can down the road which is why they should kick the entire deal down the road and deal with it together. we know it won't from happen history. we have had 18 o
CNN
Dec 6, 2012 4:00am PST
, spending cuts. that's what the fiscal cliff is all about. it would all start with the start of the new year. i want to get to senator jeff merkley. he's a democrat from the state of oregon. he's on both the budget committee and the banking, housing, and urban affairs committee. nice to have you with us, sir. thanks for joining us. >> you're welcome. >> thank you. before we get to fiscal cliff, let's talk a little bit about syria. there are now reports that they may be loading the components that would make up sarin gas. and i'm curious to know and i think a lot of people are watching this, does this mean that we are headed, the united states is headed into military action considering what we know about the red line, if you will, that hillary clinton laid out pretty clearly? >> it was very important for her to draw a very clear line. because any use of chemical weapons has to be responded to internationally. i'm sure the secretary of state is immersed with russia right now, is in negotiations with russia for a united front against this absolutely unacceptable possibility. >> okay. so she's l
CNN
Dec 6, 2012 2:00am PST
of this is that some people are trying to downplay the affects of the fiscal cliff saying if we go over for a few days it will be okay. ceos aren't saying that. you look at third quarter gdp, companies are spending less money on software and equipment because they don't know what's going to happen. the effects of the fiscal cliff are already holding back some things. >> of course. what stood out to me from howard schultz, the people that need it the most, the average american will feel this to the core. confidence is the corner stone. >> it makes you make decisions, big decisions, small decisions. i'm not going to buy that or do that, i'm scared to death. here's my question for the two of you. are more big ceos falling in line with the yes, let's raise the taxes on the 2%? >> if i don't know if a majority. would you say a majority? >> i think they want a deal and people have to make -- it's hard to make compromises. >> we've heard it from goldman sac sachs, warren buffett, schultz. >> big names there. >> they want clarity. the interesting thing to me, the stock market and bond market haven't freaked o
CNN
Dec 1, 2012 11:00am PST
know you have all heard of the so-called fiscal cliff, the huge tax hikes and spending cuts that will be triggered if congress and the white house don't reach a budget deal by the end of the month. well, what are we looking at? first, cuts in defense. also bush era tax cuts set to x expire, so the majority of americans will pay more taxes. also at stake, the payroll tax holiday and unemployment benefits expect to get cut. dana, in your most recent column, you say it doesn't seem like anyone is doing anything but photo ops and news conferences. one politician was quoted as saying, effectively, we have a month. that's loads of time. is this a sophisticated game of chicken? >> it's a rather unsophisticated game of chicken, kind of elementary. what they're doing, both sides really, is doing a lot of posturing and waiting until they get close to the deadline if not go over the deadline because they feel if they go over the deadline, they're in a position to tell their hard core supporters, look, we have really got to make this deal now or that's the end. the economy goes back in
CNN
Dec 2, 2012 3:00pm PST
the fiscal cliff. that's called into question the anti-tax pledge republicans have signed. iffer some lawmaker that is means no agreement. >> it is not the norquist pledge but the americans no tax reform pledge and the one thing really keeping republicans -- i don't know what republicans stand for. it looks like for this in washington, it's a host of things. at least the democrats are responsible enough to get loans from china. the republicans want to do it without paying for it without any fiscal discipline. at one point the republicans have to do it -- the pledge was the last they based it on. >> nothing was done, though. that's a bad thing, aaron. >> why? i'm not sure that it is. i'm not sure that this fiscal cliff really is a fiscal cliff. i think that it changes the baseline. republicans get better negotiating position on the other side when they are not scared to death of their own shadow and fearful of not looking reasonable. to think that the same joker who is got us this compromise will somehow get us a better compromise is absolutely silly. some of these guys have been voted
CNN
Nov 29, 2012 6:00am PST
slash that government spending, if and when the fiscal cliff goes into effect, that can really eat into gdp and is part of the reason the congressional budget office has said if we do go over the cliff, the u.s. could go back into a recession. carol? >> alison kosik at the new york stock exchange. >>> well, someone is waking up this morning as a multimillionaire. winning tickets for the powerball's record-breaking $580 million jackpot were sold in arizona and missouri. last night's winning numbers, if you're curious, 5, 23, 16, 22, 29 and the powerball number is 6. winners will split the largest jackpot in powerball's history. we know one of the tickets was bought around the kansas city area. but whoever won was really lucky, because the odds of winning, 1 in 175 million. you have a much better chance of getting hit by -- we say that every time. you know. the odds are long. lucky them, and we're happy for them. >>> journalist tom ricks is a star. not for his new book, not for his 17 years at the wall street journal, but for his 90 seconds on fox news. when asked about the attacks o
CNN
Dec 3, 2012 4:00pm PST
if this is not good enough for the white house, we will go over the fiscal cliff because this is a compromise on taxes. this is a compromise on mandatory spending and it's a compromise on discretionary spending over what the select committee had debated. >> the details if we can and i should mention that erskine bowles put out a statement saying this -- does not represent the bowles-simpson plan, nor is it the bowles plan. in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's sayin
CNN
Nov 30, 2012 9:00am PST
on the fiscal cliff. we can have more details on just where they are. you've got 32 days or so before the possibility of these tax increases, as well as spending cuts to go into effect, and it is high stakes diplomacy, political posturing, as well as serious economic questions in terms of how this is going to impact all of us in the coming new year. we're going to have more on that after a quick break. bayer? this isn't just a headache. trust me, this is new bayer migraine. [ male announcer ] it's the power of aspirin plus more in a triple action formula to relieve your tough migraines. new bayer migraine formula. aids is not going to take my baby. ♪ aids will not take our future. ♪ our weapons are testing... education, care and support. ♪ and aids... ♪ aids is going to lose. aids is going to lose. ♪ stop! stop! stop! come back here! humans -- we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back with great ideas like our optional better car replacement. if your car is totaled, we give you the money to buy one
CNN
Nov 30, 2012 11:00pm PST
, we should actually have them not leave washington until they fix the fiscal cliff. at least let's fix the fiscal cliff and make sure that american families aren't faced with possible larger tax bills come january. >> wouldn't it just make you feel better if you didn't feel the real reason we'll get a fiscal cliff resolution, whether it's a little tinkering or something bigger, wasn't because they actually wanted to be home on christmas? >> i think that they absolutely should try to get this done. i certainly don't think they should go home before the situation is resolved. but i also think that when you are looking at what kind of congress we want, we want a responsive congress. we want a congress rooted in american communities, not inside the beltway. >> look, you just want mondays and fridays off, too, and your trying to make the argument to the national review as to why that is better. >> americans want their leaders to work, period. >> thanks to both of you. we appreciate it. of course, we want all your feedback. >>> next, the billionaire software tycoon john mcafee is wanted in t
CNN
Dec 1, 2012 5:00am PST
and we're starting this hour with the wrangling on capitol hill over the fiscal cliff. we're just 31 days until the deadline which could potentially trigger $7 trillion in automatic spending cuts and tax increases. both republicans and democrats are at a standoff. they are each blaming the other side for holding up the process, but republican congressman terry lee says that by going over the cliff the president may have an ulterior motive. >> many of us fear that the president's real plan here was to let us go over the cliff and blame the republicans, and that's what we look like we're being set up to do, and then if you go over the cliff, then two months later, a month later, the president can come back with a bill and say, hey, we're going to now since the republicans let everyone's taxes go up, i'm going to ride in here now and be the -- the knight in shining armor and lower the taxes on the lower two brackets. >> it is a case that is sparking painful reminders of trayvon martin, another florida teenager shot to death in an incident that has racial overtones. i'm talking about jordan d
CNN
Nov 29, 2012 4:00am PST
the disastrous combination of tax rate increases and spending cuts now known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%. quote, president obama signalled he wouldn'tnsist tax rates on upper income americans rise to clinton era peaks as part of a deficit reduction deal. the white house's flexibility first described by democrat erskine bowles after meetings with mr. obama and others confirmed by administration officials could envision tax rates increase from their current levels but less than clinton era levels. would you agree to a deal, senator? call it in the middle. 37%. >> well, the problem with that is raising those tax rates on those folks really doesn't address the m
CNN
Dec 6, 2012 8:00am PST
across the board taxes from everyone if we go over that fiscal cliff, you got to compromise. there's nothing wrong with compromise. to some liberals on the far left, conservatives on the far right, compromise is a dirty word. you should never compromise with the other side. they hate that. they rather go over the fiscal cliff but the overwhelming majority of americans totally disagree with those hard line positions on the extreme left and the extreme right. they want to compromise and they want a deal and they want the president and john boehner, the republican leadership and democratic leadership to come up with something that avoids going over the fiscal cliff. i think that's what that poll shows. >> let me change topics for a bit. news broke just before the program that republican senator jim demint is leaving. he decided to take over the heritage foundation. i have a question for you in that was this expected? he's a staunch conservative and opponent to craving into democrats and how do those things factor into a way ahead for republicans in the senate? >> i was surprised to he
CNN
Dec 4, 2012 1:00pm PST
left to make a deal before the country hits what's called the fiscal cliff. that's a combination of across the board tax increases for everyone, coupled with cuts in spending like defense, education, health care, and housing assistance. let's go live to our chief white house correspondent jessica yellin with the very latest. jessica? >> reporter: president obama has now personally turned down speaker boehner's opening offer to avert the fiscal cliff. he did it in a tv interview. what does president obama think of speaker boehner's proposal to avert the fiscal cliff? >> unfortunately, the speaker's proposal right now is still out of balance. he talks about $800 billion worth of revenues but says he's going to do that by lowering rates. when you look at the math, it doesn't work. >> reporter: he won't agree to eliminate a tax deduction for contributions to charity. >> every hospital and university and nonfor profit agency across the country would find themselves on the verge of collapse. so that's not a realistic option. >> reporter: but the president didn't say all this to speaker
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